1. Woes mount for Paytm investors; Stock hits lower circuit

Woes mount for Paytm investors; Stock hits lower circuit

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Upstox

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1 min read • Updated: February 8, 2024, 2:13 PM

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Summary

Post the clarifications in the press conference given by the Reserve Bank of India, shares of Paytm hit to lower circuit at ₹446.6 levels.

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The stock had opened at ₹528 levels.

Paytm investors continue to bear the brunt after the RBI put severe restrictions on Paytm Payment Bank last week. The stock price has corrected almost 41% since then. The stock has fallen 8% further today post RBI’s press conference as the central bank officials clarified on the actions taken by them on Paytm.

The central bank official J swaminathan said the supervisory actions were taken by the central bank on Paytm as a regulated entity due to persistent non-compliance for a brief period of time. The official further added that the regulated entity was given sufficient time to correct the deficiencies with regular bilateral talks over months. The official refrained from commenting on what future course of action will be pursued.

Post the clarifications in the press conference given by the Reserve Bank of India, shares of Paytm tanked to lower circuit at ₹446.6 levels. The stock opened ₹528 levels in the morning trades. The stock price is in lower circuits for 4 times in the last week post the action.